In the post-pandemic world face-to-face encounters are becoming less common as many businesses and customers move towards the more convenient online world of digital platforms, interactive apps, and automated services.
Whilst digital platforms definitely are the future of the insurance industry (see our blog here), there are still a lot of benefits to meeting clients in face-to-face meetings which include inclusivity, explaining complex products, offering a personalised service, and more importantly relationship-building.
1.Relationship Building
One of the biggest benefits with meeting with clients in person is that it allows insurance distributors like brokers to build trust and rapport more effectively than is possible through digital platforms. These interactions can lead to stronger, longer-lasting relationships which provides the opportunity to understand clients' needs, their preferences, and their concerns more deeply.
Emails and messaging can foster many misunderstandings, and these can be eliminated quickly in a face-to-face environment. Clients can ask questions, seek clarification, and express their concerns more effectively, while brokers can provide tailored solutions and address any issues immediately. This open dialogue helps to ensure clients fully understand their insurance coverage and the associated risks.
Such relationships can be particularly beneficial when conflicts or issues arise, as they can be resolved promptly through an in-person meeting to discuss the matter, find mutually agreeable solutions, and maintain the integrity of the relationship.
2.Tailored Advice
Getting to know the client and start building a strong relationship, makes it easier to tailor the advice based on personal circumstances, rather than having to rely on a series of tick boxes on an online platform.
Brokers can assess clients' risk profiles, financial situations, and future goals more accurately, and can discuss different coverage options, deductibles, and premiums in person, allowing for greater flexibility and customisation that meet their specific needs, quickly and efficiently.
These meetings also allow for any objections, questions, and concerns to be dealt with quickly before they have the chance to escalate.
3. Long-term Engagement
Whilst digital platforms may be more convenient and quicker it does not generate the brand loyalty that many insurance companies rely on.
However, building relationships through face-to-face interactions encourages long-term engagement between insurance brokers and clients. Clients are unlikely to shop around for the cheapest deal when they know their broker understands them and their needs and is always ready to answer their questions and queries.
Additionally, it is easier for the broker to upsell and cross-sell new products as they are best placed to identify additional insurance needs and present relevant complementary insurance products and services that may benefit clients based on individual circumstances.
4. Compliance and Due Diligence
Face-to-face meetings can also have a practical purpose, as they can aid with ensuring compliance with regulatory requirements, such as Know Your Customer (KYC) and anti-money laundering (AML) regulations. Meeting clients in person allows brokers to verify identities, collect necessary documentation, and ensure compliance with regulatory guidelines.
These meetings also allow insurance agents to conduct more thorough risk assessments by gathering comprehensive information about clients' assets, liabilities, and risk tolerance levels. This can help to identify potential risks and recommend appropriate insurance coverage to mitigate them effectively.
Overall, face-to-face transactions can contribute to a more inclusive business, relationship-building, risk reduction, and client satisfaction by enabling personalised communication, tailored advice, conflict resolution, and compliance with regulatory standards. Combined with digital platforms and interactive apps this can guarantee the contemporary insurance company will be ahead of the competition.
But how can you embrace the technological age and maintain a more traditional relationship-based model? This is where Camelot Marketplace could be just the partner you need. All of our members have at least three years’ experience in a C-Suite or similar position and can guide you through the highs and lows of combining digital platforms with face-to-face relationships.
To find out more about how we can help you contact a member of the team today.